Average Kamloops home price surpasses $600K
Real estate activity in the Kamloops area has slowed in recent months, with less than 300 homes sold in October.
The high point of the year in April had 405 home sales and sales have dropped since then, but the average cost of a home continues to rise.
The average cost of a home in Kamloops reached $619,265 in October, compared to roughly $465,911 just one year ago, according to the October market report from the Kamloops and District Real Estate Association.
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"Since supply has been a major problem for us in the last few months, we’ve witnessed that even interested sellers are holding off from listing their properties," real estate association president Chelsea Mann said in a press release.
From January to October, the average price of a home in the Kamloops area has risen by nearly $100,000 compared to the same time in 2020.
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Nearly 3,300 homes were sold in the Kamloops area this year, which is the most in ten years. The next highest sales year was 2017, when 2,928 were sold from January to October.
"In the simplest terms, high consumer demand continues to drive sales, but it’s the supply that’s holding the entire market back. This leads to constant upward pressure on average prices and may begin directing buyers away to more affordable areas in the province," Mann said.
Mann added that the local market is "still being dictated by the post-pandemic effects," and while increasing mortgage rates may start to influence buying activity, the real estate association still expects to see listings with multiple offers.
Through October there were 333 new homes listed for sale in the area, compared to 384 in September.
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